Anthropic unlocked the vault

They let it out. On Tuesday, Claude Fable 5’s public release gave Anthropic’s restricted Mythos class its first public model — the first to break 90% on Hex’s core analytics benchmark. It handles at least 95% of sessions on its own and runs $10 per million input tokens, $50 output — double Opus 4.8. The same day, Gemini 3.5 Live Translate shipped speech-to-speech across 70+ languages. Frontier capability went public twice in one week.

Both sides of the balance sheet are mobilizing at once. OpenAI’s confidential S-1 landed Monday, a week after Anthropic’s own June 1 disclosure. At its last reported $852 billion valuation, OpenAI would rank among the 15 largest companies in the S&P 500, per CFO Sarah Friar. On the borrowing side, Morgan Stanley’s debt forecast sees nearly $570 billion in AI issuance this year, more than double 2025. Equity and credit are being tapped together.

All that capital has to land somewhere physical. The $35B AI XPV Platform, led by Apollo and co-anchored by Blackstone Credit and Insurance, targets more than 20 gigawatts of global compute through 2028. It runs on Broadcom XPUs, and its first deployment dedicates over 1 gigawatt to Anthropic at Fluidstack sites starting mid-2026. Morgan Stanley estimates hyperscalers will spend roughly $700 billion this year. The same labs racing to public markets now lean on private credit to pour the concrete.